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Discussions of Pulte Homes Letter of Intent <br /> Director Fernelius reported that the City received a letter of intent from Pulte; which also functions as an <br /> offer on the land. Pulte is proposing a 120 unit project; priced at an average $385,000. The intent would <br /> be to have model homes completed for fall of 2013. Construction of townhomes would follow <br /> sometime between 2015 and 2016. The estimated economic value is between $38 and $39 million. Pulte <br /> has agreed to pay a lump sum of$1,115,000 in addition to covering the cost for all improvements. The <br /> City is considering having an appraisal done on the site,because Ehlers has suggested the offer may be <br /> light. Pulte is very interested in moving forward. <br /> Director Fernelius stated that council will review the proposal at an upcoming worksession. <br /> Commissioner Beach asked if the underground utilities are adequate for the project. Fernelius <br /> responded that the major utilities along Old Highway 8 are sized for even larger development. <br /> Commissioner Zelm expressed concern with possible pollutants affecting Long Lake. Director <br /> Fernelius reported that would have to be addressed; noting that there is adequate ponding included in <br /> the preliminary analysis. <br /> Councilmember Burg explained the Council will discuss the proposal in greater detail at an upcoming <br /> worksession. Director Fernelius stated that he will communicate with the commission the time and date <br /> of the worksession. <br /> Director Fernelius stated that he will be communicating with Chairperson Zisla regarding the December <br /> 18th meeting. <br /> Adjournment <br /> Meeting adjourned at 8:59 a.m. <br />